HFF is pleased to present for sale, Echo Park Apartments (the “Property”), a 28-unit art-deco style multi-housing community situated in the hip and highly sought-after Echo Park submarket of Los Angeles. Built in 1928, Echo Park Apartments boasts a well-balanced unit mix including 15 studios, 12 one-bedroom units, and and 1 two-bedroom unit with several of the units featuring private patios. Current ownership has spent approximately $284,000 renovating the building including the renovation of 11 units featuring high-end interior finishes including refinished hardwood floors, quartz countertops, exposed brick and stainless-steel appliances. New ownership has the opportunity to continue the renovation program throughout the balance of the units and increase rents by a projected 24%.
Located in LA’s hottest submarket, Echo Park Apartments boasts a “Very Walkable” Walkscore designation, with stylish and trendy cafes, restaurants and entertainment venues within walking distance. Echo Park is sandwiched between two of Los Angeles’ most prominent employments centers; Downtown Los Angeles and Hollywood, providing residents with convenient access to over 750,000 jobs. In an area with virtually no new supply and rising apartment demand driven by a growing job base and the rapidly increasing cost of home ownership, Echo Park Apartments is well-positioned to benefit from strong demand for years to come.
